Newhall Land & Farming Blames Loss on Quake
Newhall Land & Farming Co., a Valencia-based developer of master-planned communities, said earthquake damage resulted in a loss of $3.64 million for its first quarter, compared with a profit of $364,000 in the same period a year earlier.
In the three months ended March 31, the company’s revenue dipped 3%, to $15 million from $15.4 million a year earlier. Thomas L. Lee, chairman and chief executive officer, said the company took a $3.7-million charge for earthquake damage in the first quarter, reflecting the estimated amount not covered by insurance.
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